The PlayStation 3 (officially marketed PLAYSTATION 3,
commonly abbreviated PS3) is the third home video game
console produced by Sony Computer Entertainment, and the
successor to the PlayStation 2 as part of the PlayStation
series. The PlayStation 3 competes with Microsoft's Xbox 360
and Nintendo's Wii as part of the seventh generation of
video game consoles. A major feature that distinguishes the
PlayStation 3 from its predecessors is its unified online
gaming service, the PlayStation Network, which contrasts
with Sony's former policy of relying on game developers for
online play. Other major features of the console include its
robust multimedia capabilities, connectivity with the
PlayStation Portable, and its use of a high-definition
optical disc format, Blu-ray Disc, as its primary storage
medium. The PS3 was also the first Blu-ray 2.0-compliant
Blu-ray player on the market. The PlayStation 3 was first
released on November 11, 2006 in Japan.

I can't wait until the prices on the PS3 come down
dramatically. The PS3 definitely has the best graphics by
far out there, and also allows you to play BluRay dvds
(which the other gaming consoles don't allow you to do). The
only reason I went with a Wii is because there was more of a
selection of kid's games available for the Wii than the PS3
(which really seems to be more of an older video gaming
console).